ASSETS
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The investment costs for new renewable power production have steadily decreased in recent years, and they continue to do so. European power companies, particularly German ones, have significantly expanded renewable energy production in recent years; however, this energy is weather-dependent. Power is generated when the sun shines or the wind blows. This means that capacity could become a greater challenge in the future; how can we ensure that there is enough capacity to meet demand at all times?
The project “Assessment of the Value of Flexibility Services from the Norwegian Energy System” (ASSETS) will investigate how we can increase the value of Norwegian energy resources as energy becomes increasingly cheaper while capacity becomes more valuable. A study of consumer flexibility is included in the project. The project will also examine how the current market design affects the value of Norwegian energy resources. Norway’s great advantage lies in the flexibility of its hydropower system, while Europe generally faces a lack of flexibility in its power system. ASSETS will include a combination of hydropower, consumer flexibility, energy efficiency, and energy storage in its analyses.
The TIMES-Norway energy system model and the EMPIRE power market model will be further developed in the project, and the models will be used to analyze the following questions:
- To what extent can the Norwegian hydropower system balance the increasing share of wind and solar power being developed in Europe?
- How can load shifting (capacity) and substitution of energy carriers contribute to a more flexible demand side?
- To what extent can Norwegian energy resources contribute to increased security of supply in Europe?
- What role can flexible demand-side technologies and storage technologies play in the future energy system?
ASSETS is a four-year research project coordinated by the Institute for Energy Technology (IFE), with SINTEF Industry and NTNU as research partners. The project’s reference group consists of NVE, ENOVA, TrønderEnergi, NHH, Energi Norge, and the project includes German research partners from the University of Stuttgart, DIW Berlin, and RWTH Aachen.